NOTES TO BOSNA RE Co. Ltd. ANNUAL REPORT FOR 2007

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NOTES TO BOSNA RE Co. Ltd. ANNUAL REPORT FOR 2007

ANNUAL REPORT 2007To the Shareholders of Bosna Reosiguranje d.d. SarajevoWe have audited the accompanying unconsolidated financial statements of Bosna Reosiguranje d.d. Sarajevo(‘the Company’), set out on pages 3 to 37, which comprise the balance sheet as at 31 December 2007, and theincome statement, statement of changes in equity and statement of cash flows for the year then ended, anda summary of significant accounting policies and other explanatory notes.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these unconsolidated financial statementsin accordance with International Financial Reporting Standards. This responsibility includes: designing,implementing and maintaining internal control relevant to the preparation and fair presentation of financialstatements that are free from material misstatement, whether due to fraud or error; selecting and applyingappropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.Auditor’s ResponsibilityOur responsibility is to express an opinion on these unconsolidated financial statements based on our audit.We conducted our audit in accordance with International Standards on Auditing. Those standards require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whetherthe financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor’s judgment, including the assessmentof the risks of material misstatement of the financial statements, whether due to fraud or error. In makingthose risk assessments, the auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,but not for the purpose of expressing an opinion on the effectiveness of the Company’s internalcontrol. An audit also includes evaluating the appropriateness of accounting policies used and the reasonablenessof accounting estimates made by management, as well as evaluating the overall presentation of thefinancial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.OpinionIn our opinion, the unconsolidated financial statements present fairly, in all material respects, the financialposition of the Company as of 31 December 2007, and the results of its operations and its cash flows for theyear then ended in accordance with International Financial Reporting Standards.Emphasis of matterWithout qualifying our opinion, we draw attention to the fact that The Company has prepared these unconsolidatedfinancial statements based on and in accordance with the law in Federation of Bosnia and Herzegovina,and that in these financial statements its investments in subsidiaries and associates are valued at cost.For a better understanding of the Group as a whole, users should read the consolidated financial statements,as stated in Note 3.Deloitte d.o.o.Sarajevo, 22 February 200858

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